Maine Banks...In The News

• Bar Harbor Bank & Trust CEO to retire in June 2013 (BDN, 11/27)
• PATCO Construction and People’s United Bank settle case related to 2009 ACH theft (Computer World.com, 11/27)
• Maine homes facing foreclosure contribute to worsening housing stock in some neighborhoods (Portland Press Herald, 11/18)
• Maine Foreclosure Diversion Program to implement new conflict of interest rules for mediators (LoanSafe.org, 11/16)

Foreclosure Scandal: Five Largest Mortgage Lenders Propose Settlement with States

On the eve of President Obama’s State of the Union address, five of the country’s largest mortgage lenders have proposed a settlement to end pending litigation over potentially illegal foreclosure practices – including flawed or fraudulent filings or paperwork.

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Maine financial institutions, in the news . . .

• Skowhegan Area High School welcomes Skowhegan Savings Bank branch.
• FAME names Camden National Bank as “Financial Institution of the Year.”
• Seth Sherwood named Small Business Relationship Manager for TD Bank’s Central Maine Region.
• Bar Harbor Bankshares promotes three senior executives.
• JP Morgan Chase settles wrongful foreclosure with Effingham, NH couple.
• Federal regulators announce review of foreclosures.  NPR interview with Maine Attorney Tom Cox.

Two New Maine Laws Related to Mortgages

Financial Institutions should be aware of two recent amendments to Maine’s laws related to mortgages, both of which became effective on September 27, 2011. One new law requires mortgagees to provide mortgagors with a copy of the release of mortgage after recording. The other law enables mortgagors to recover attorneys fees in certain foreclosure proceedings where the mortgagee is not the prevailing party. Here are the details.

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Maine financial institutions, in the news . . .

• Community banks and credit unions report new customer growth in part due to efforts like “Bank Transfer Day” or “Move Your Money Day” aimed at large banks.  See more in the November 4^th issue of Money Magazine.  
• JP Morgan Chase & Co. admits error in taking a couple’s second home in Effingham, NH.  See full story in the Conway Daily Sun. 
• TD Bank provides information regarding transaction fees for savings accounts. 
• U.S. Secret Service discusses “Black Money” scam in New England.